The following is the amortized cost and fair value of investment securities held to maturity:


			Gross			Gross
	Amortized		Unrealized			Unrealized		Fair
(Dollars in thousands)	Cost		Gains			Losses		Value
March 31, 2026:
U.S. Government agencies	$	132,914	$	—		$	(16,892)	$	116,022
Residential mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		1,123,852		—			(181,274)		942,578
Residential collateralized mortgage-obligations issued by U.S. government
agencies or sponsored enterprises		372,106		—			(58,553)		313,553
Commercial mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		332,619		—			(58,228)		274,391
Small Business Administration loan-backed securities		45,758		—			(8,164)		37,594
	$	2,007,249	$	—		$	(323,111)	$	1,684,138
December 31, 2025:
U.S. Government agencies	$	132,913	$	—		$	(15,767)	$	117,146
Residential mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		1,153,024		—			(177,101)		975,923
Residential collateralized mortgage-obligations issued by U.S. government
agencies or sponsored enterprises		379,107		—			(55,232)		323,875
Commercial mortgage-backed securities issued by U.S. government
agencies or sponsored enterprises		336,910		—			(58,332)		278,578
Small Business Administration loan-backed securities		46,076		—			(8,748)		37,328
	$	2,048,030	$	—		$	(315,180)	$	1,732,850

The following is the amortized cost and fair value of investment securities available for sale:

The following is the amortized cost and carrying value of other investment securities:

The Company’s other investment securities consist of non-marketable equity and other securities that have no readily determinable market value. Accordingly, when evaluating these securities for impairment, management considers the ultimate recoverability of the par value rather than recognizing temporary declines in value. As of March 31, 2026, the Company has determined that there was no impairment on its other investment securities.

The amortized cost and fair value of debt securities at March 31, 2026 by contractual maturity are detailed below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.

During the three months ended March 31, 2026, there were no sales of securities available for sale. During the three months ended March 31, 2025, the Company sold a portion of the available for sale investment securities acquired from Independent and recognized no gain or loss on these investment securities as each security was marked to fair value at the acquisition date. In addition to the sale of the investment securities acquired from Independent, the Company executed an investment portfolio restructuring and sold $1.8 billion of available for sale investment securities from its existing investment securities portfolio.

The following table provides additional details of the available for sale investment securities sold during the three months ended March 31, 2025:

There were no sales of held to maturity securities during the three months ended March 31, 2026 or March 31, 2025.

The Company had 1,135 securities with gross unrealized losses at March 31, 2026. Information pertaining to our securities with gross unrealized losses at March 31, 2026, and December 31, 2025, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position is as follows:

The Company’s valuation methodology for securities impairment is disclosed in Note 1 — Summary of Significant Accounting Policies, under “Investment Securities” section, of our Annual Report on Form 10-K for the year ended December 31, 2025. All debt securities in an unrealized loss position as of March 31, 2026 continue to perform as scheduled and management does not believe there is a credit loss or a provision for credit losses is necessary. Management does not currently intend to sell the securities within the portfolio, and it is not more-likely-than-not that the Company will be required to sell the debt securities. See Note 2 — Summary of Significant Accounting Policies for further discussion.

At March 31, 2026, investment securities with a market value of $5.0 billion and a carrying value of $5.3 billion were pledged to secure public funds deposits and for other purposes required and permitted by law (excluding securities pledged to secure repurchase agreement disclosed in Note 20 — Short-Term Borrowings, under the “Securities Sold Under Agreements to Repurchase (“Repurchase agreements”)” section). Of the $5.3 billion carrying value of investment securities pledged, $5.2 billion were pledged to secure public funds deposits, $26.7 million were pledged to secure FHLB advances, and $80.8 million were pledged to secure interest rate swap positions with correspondent banks. At December 31, 2025, investment securities with a market value of $5.2 billion and a carrying value of $5.5 billion were pledged to secure public funds deposits and for other purposes required and permitted by law. Of the $5.5 billion carrying value of investment securities pledged, $5.2 billion were pledged to secure public funds deposits, $182.2 million were pledged to secure FHLB advances and $83.3 million were pledged to secure interest rate swap positions with correspondent banks.

At March 31, 2026, and December 31, 2025, trading securities, at estimated fair value, were as follows:

Net gains on trading securities for the three months ended March 31, 2026 and 2025 were as follows: